8-K - GLTK - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): March 28, 2025

GlobalTech Corporation
(Exact name of registrant as specified in its charter)
Nevada	000-56482	82-3926338
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(State or other jurisdiction<br><br>of incorporation)	(Commission<br><br>File Number)	(I.R.S. Employer<br><br>Identification No.)
3550 Barron Way Suite 13a, Reno, NV	89511
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(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code:

775-624-4817

______________________________________________

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: None.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On March 28, 2025, GlobalTech Corporation. (“GlobalTech” or the “Company”) issued a press release disclosing its financial results for the year ended December 31, 2024. A copy of the press release, which includes a summary of such financial results, is furnished as Exhibit 99.1 to this Form 8-K and incorporated herein by reference.

The information contained in this Current Report and Exhibit 99.1 hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended or the Exchange Act, except as expressly set forth by specific reference in such a filing.

This Current Report on Form 8-K, including the press release furnished as Exhibit 99.1 to this Current Report on Form 8-K, contains forward-looking statements, and, as such, may involve known and unknown risks, uncertainties and assumptions. You can identify these forward-looking statements by words such as “may,” “should,” “expect,” “anticipate,” “believe,” “estimate,” “intend,” “plan” and other similar expressions. These forward-looking statements relate to the Company’s current expectations and are subject to the limitations and qualifications set forth in the press release as well as in the Company’s other filings with the Securities and Exchange Commission, including, without limitation, that actual events and/or results may differ materially from those projected in such forward-looking statements. These statements also involve known and unknown risks, which may cause the results of the Company, its divisions and concepts to be materially different than those expressed or implied in such statements, including, but not limited to those referenced in the press release. Accordingly, readers should not place undue reliance on any forward-looking statements. Forward-looking statements may include comments as to the Company’s beliefs and expectations as to future financial performance, events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside the Company’s control. More information on potential factors that could affect the Company’s financial results is included from time to time in the “Forward-Looking Statements,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s periodic and current filings with the SEC, including the Form 10-Qs and Form 10-Ks, filed with the SEC and available at www.sec.gov and in the “Investor” – “SEC Filings” section of the Company’s website at www.globaltechcorporation.com. Forward-looking statements speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date, except as otherwise provided by law.

Item 9.01 Financial Statements and Exhibits.

Exhibit No.	Description
99.1*	Press Release of GlobalTech Corporation, dated March 28, 2025
104	Inline XBRL for the cover page of this Current Report on Form 8-K

* Furnished herewith.

The inclusion of any website address in this Form 8-K, and any exhibit thereto, is intended to be an inactive textual reference only and not an active hyperlink. The information contained in, or that can be accessed through, such website is not part of or incorporated into this Form 8-K.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

GlobalTech Corporation
/s/ Dana Green
Dana Green<br><br>Chief Executive Officer
Date: March 28, 2025
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global_ex991.htm EXHIBIT 99.1

GlobalTech Corporation Announces Fourth Quarter and Year End 2024 Results

Record revenue of $18 million for full-year 2024, up 72% over prior year

RENO, Nev., March 28, 2025 (GLOBE NEWSWIRE)--GlobalTech Corporation (GTC, OTC:GTLK)(“GlobalTech” or the “Company”), a leading U.S.-based technology investment holding company, today announced financial results for the year ending December 31, 2024.

Full-Year 2024 Financial Highlights:

·	Net Revenue surged 72% in 2024, reaching $18.3 million, up from $10.6 million in the previous year.

| · | Operating Loss improved significantly, narrowing to $4.1 million in 2024, down from a loss of $10.5 million in 2023, positively impacted by strong revenue growth. As a percentage of revenue, operating loss improved to 22% in 2024, down from 99% in 2023, primarily due to revenue growing at a significantly faster rate than direct operating costs. |

| · | Net Loss declined to $3.0 million in 2024, compared to $8.3 million in the prior year. |

| · | Cash and cash equivalents were $822,251 as of December 31, 2024. |

Dan Green, GlobalTech CEO commented, “GlobalTech, a leading provider of broadband and telecommunications services in Pakistan, achieved remarkable growth in 2024, with a 72% increase in revenue and a significant reduction in losses. The demand for our Fiber to the Home (FTTH) broadband continues to surge, as Worldcall Telecom Limited’s customers increasingly upgrade their cable systems. We anticipate this strong momentum to continue as we advance our implementation. Meanwhile, we are actively exploring new expansion opportunities across multiple verticals and evaluating the potential for an uplisting to the Nasdaq market.”

Detailed financial information can be found on the Company’s Annual Report on Form 10-K filed today with the Securities and Exchange Commission at www.sec.gov.

About Worldcall Telecom Limited (www.worldcall.net.pk)

Worldcall Telecom Limited (PSX:WTL) is a publicly listed telecom and media operator in Pakistan. Worldcall has substantial deployments in Long Distance and International (LDI), broadband, metro fiber optic networks, and media playout facilities for its cable operations. Worldcall has deployed approximately 2,000 km of metro fiber in 20 cities across Pakistan to provide its customers with internet and television service with a potential service footprint of 3.2 million homes. GlobalTech owns, directly and indirectly through associates, an aggregate of around 55% of WorldCall Telecom Limited.

About GlobalTech Corporation

GlobalTech Corporation, headquartered in the USA, is a technology investment holding company that aims to provide growth capital and technological innovation to sectors such as AI, Big Data, and telecommunications. GTC partners with global companies to deliver innovative solutions that transform industries.

For more information, visit: globaltechcorporation.com

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Forward Looking Statements

Certain of the matters discussed in this communication which are not statements of historical fact constitute forward-looking statements, that involve a number of risks and uncertainties. Words such as “strategy,” “expects,” “continues,” “plans,” “anticipates,” “believes,” “would,” “will,” “estimates,” “intends,” “projects,” “goals,” “targets” and other words of similar meaning are intended to identify forward-looking statements but are not the exclusive means of identifying these statements. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. The important factors that may cause actual results and outcomes to differ materially from those contained in such forward-looking statements include, without limitation, our need for additional capital, the terms of such capital and potential dilution caused thereby; foreign currency exchange losses, fluctuations and translation risks related to our business in Pakistan; the international economic environment, geopolitical developments and unexpected global events which could cause our business to decline; investing in emerging markets, where our operations are located, is subject to greater risks than investing in more developed markets, including significant political, legal and economic risks; our revenue performance can be unpredictable by nature; we operate in highly competitive markets, which we expect only to become more competitive; we may be unable to keep pace with technological changes and evolving industry standards; we are exposed to cyber-attacks and other cybersecurity threats that may lead to compromised or inaccessible telecommunications, digital and financial services, and/or leaks or unauthorized processing of confidential information, and perceptions of such threats may cause customers to lose confidence in our services; the telecommunications industry is highly capital-intensive and requires substantial and ongoing expenditures of capital; we may also be subject to increases in license fees for some of our licenses or to obtain new licenses; the loss of important intellectual property rights, as well as third-party claims that we have infringed on their intellectual property rights; our substantial amounts of indebtedness and debt service obligations could materially decrease our cash flow, which could adversely affect our business and financial condition; our status as a controlled company; the fact that no active trading market for our common stock exists, and an active trading market may not develop or be sustained in the future; stockholders may be diluted significantly through our efforts to obtain financing and satisfy obligations through the issuance of additional shares of the common stock; the telecommunications industry is a highly regulated industry, and we are subject to an extensive variety of laws and operate in uncertain judicial and regulatory environments, which may result in unanticipated outcomes that could harm our business; our operating subsidiaries are located in Pakistan, and their assets are in Pakistan, which may affect shareholder rights, including the ability to enforce civil liabilities under U.S. securities laws; we are, and may in the future be, involved in, associated with, or otherwise subject to legal liability in connection with disputes and litigation with regulators, competitors, and third parties; our licenses are granted for specific periods and may be suspended, revoked, or we may be unable to extend or replace these licenses upon expiration; we may be affected by economic downturns both in Pakistan and globally, changes in inflation and interest rates, increased costs of borrowing associated therewith and potential declines in the availability of such funding; and risks relating to future divestitures, asset sales, joint ventures and acquisitions.

Other important factors that may cause actual results and outcomes to differ materially from those contained in the forward-looking statements included in this communication are described in GlobalTech’s publicly filed reports, including, but not limited to, GlobalTech’s Annual Report on Form 10-K for the year ended December 31, 2024, and future Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. These reports are available at www.sec.gov. GlobalTech cautions that the foregoing list of important factors is not complete. All subsequent written and oral forward-looking statements attributable to GlobalTech or any person acting on behalf of GlobalTech are expressly qualified in their entirety by the cautionary statements referenced above. Other unknown or unpredictable factors also could have material adverse effects on GlobalTech’s future results. The forward-looking statements included in this press release are made only as of the date hereof. GlobalTech cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, GlobalTech undertakes no obligation to update these statements after the date of this release, except as required by law, and takes no obligation to update or correct information prepared by third parties that are not paid for by GlobalTech. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

Contact:

Louie Toma

CORE IR

louie@coreir.com

212-655-0924

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GLOBALTECH CORPORATION

| | | | 2023 | | | | ASSETS | | | | | |

| Cash and cash equivalents | 822,251 | | $ | 908,097 | |

| Restricted cash | 2,633,019 | | | 2,353,442 | |

| Accounts receivable – net | 3,780,777 | | | 4,045,485 | |

| Short term investments | 970,596 | | | 149,427 | |

| Prepayments | 60,234 | | | 11,448 | |

| Stores and spares | 838,641 | | | 859,271 | |

| Loans and advances | 4,660,122 | | | 4,213,468 | |

| Other receivables | 3,947,158 | | | 2,120,283 | |

| Total current assets | 17,712,798 | | | 14,660,921 | |

| Property, plant and equipment | 16,936,286 | | | 17,904,180 | |

| Operating lease right-of-use assets | 451,111 | | | 503,701 | |

| Intangible assets – net | 10,264,049 | | | 11,575,524 | |

| Long term loans and other assets | 3,123,604 | | | 4,253,358 | |

| Deferred tax asset | 8,468,381 | | | 8,389,438 | |

| TOTAL ASSETS | 56,956,229 | | $ | 57,287,121 | |

| Trade and other payables | 27,263,298 | | $ | 26,383,588 | |

| Current portion of non-current liabilities | 7,413,649 | | | 5,968,424 | |

| Accrued interest | 3,545,054 | | | 2,706,788 | |

| Short term borrowings | 1,103,560 | | | 1,507,307 | |

| Provision for taxation – net | 1,125,182 | | | 1,161,384 | |

| Total current liabilities | 40,450,743 | | | 37,727,491 | |

| Term finance certificates | 906,455 | | | 2,119,667 | |

| Long term financing – secured | 1,154,484 | | | 1,329,890 | |

| Long term deposits and payable | 1,412,328 | | | 1,873,896 | |

| License fee payable | 163,217 | | | 161,165 | |

| Operating lease liability | 635,030 | | | 689,416 | |

| Post employment benefits | 676,084 | | | 723,916 | |

| Other payables | 709,975 | | | 435,426 | |

| Total non-current liabilities | 5,657,573 | | | 7,333,376 | |

| TOTAL LIABILITIES | 46,108,316 | | $ | 45,060,867 | |

| Common stock, 0.0001 par value - authorized 500,000,000 shares at December 31, 2024 and December 31, 2023 and issued 139,933,391 and 139,763,391 shares respectively. | 13,993 | | | 13,976 | |

| Accumulated other comprehensive loss | (896,497 | ) | | (1,761,998 | ) |

| Accumulated deficit | (38,110,867 | ) | | (36,484,513 | ) |

| Non - controlling interest | 49,841,283 | | | 50,458,789 | |

| TOTAL SHAREHOLDERS’ EQUITY | 10,847,914 | | | 12,226,254 | |

| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 56,956,229 | | $ | 57,287,121 | | | The annexed notes form an integral part of these consolidated financial statements. | | | | | |

All values are in US Dollars.

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	2024			2023
NET REVENUE	$	18,255,248		$	10,613,766

| Direct operating costs | | (16,800,147 | ) | | (10,011,781 | ) |

| Other operating costs | | (2,505,673 | ) | | (1,973,780 | ) |

| Depreciation and amortization | | (2,804,936 | ) | | (3,368,165 | ) |

| Other expenses | | (201,841 | ) | | (5,739,384 | ) |

| OPERATING LOSS | | (4,057,349 | ) | | (10,479,343 | ) |

| Other income – net | | 3,656,070 | | | 4,459,843 | |

| Finance cost | | (2,365,281 | ) | | (2,153,678 | ) |

| LOSS BEFORE TAXATION | | (2,766,560 | ) | | (8,173,178 | ) |

| Taxation | | (179,733 | ) | | (151,780 | ) |

| NET LOSS | $ | (2,946,293 | ) | $ | (8,324,958 | ) |

| Common shareholders of GlobalTech Corporation - (a) | | (1,626,354 | ) | | (4,564,574 | ) |

| Non - controlling interest (NCI) | | (1,319,939 | ) | | (3,760,383 | ) |

| | | (2,946,293 | ) | | (8,324,958 | ) | | Loss per common share: basic and diluted - (a/b) | $ | (0.012 | ) | $ | (0.03 | ) |

| Weighted-average common shares used to compute basic and diluted loss per share - (b) | | 139,933,391 | | | 139,763,391 | |

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